A federal judge has dismissed attempts by telephone service provider IDT Corp. to scuttle the sale of Global Crossing Ltd.'s assets to two Asian investors.
IDT, calling the sale a threat to U.S. national security, said Monday that it would mount a rival $255-million bid to acquire Global Crossing's high-speed network, seeking to edge out a bid by Hong Kong's Hutchison Whampoa Ltd. and Singapore Technologies Telemedia.
But at a hearing Wednesday, Judge Robert Gerber of the U.S. Bankruptcy Court in Manhattan refused to allow IDT Chief Executive Jim Courter to present his case, saying the CEO had not given him notice of his intention to appear in court.
Although Newark, N.J.-based IDT had held a news conference the night before, the telecommunications company is not permitted to submit a formal bid until the sale to the Hutchison group is finalized or rejected -- and that could still be weeks or months away.
